Are You Covered Under Tax Audit

[xitija]

Sir,July 2016 me ITR file kiya tha,Aug 2016 me 139(9) notice ko reply diya tha,abtak ITR proceed nahi hua hai.Iss saal bahut late kar rahe hai IT wale.Next year to shayad aur bhi late hoga,notebandi ke kaaran kaafi returns file honge.

 

[travi]

means in above example,if there is a loss,only sell side premium is my turnover
which is 10800?

Correct or if you buy and expire 0.

 

[travi]

Sir,July 2016 me ITR file kiya tha,Aug 2016 me 139(9) notice ko reply diya tha,abtak ITR proceed nahi hua hai.Iss saal bahut late kar rahe hai IT wale.Next year to shayad aur bhi late hoga,notebandi ke kaaran kaafi returns file honge.

CA se ek bar puchlo, mein CA nahi huun

 

[xitija]

Pls confirm,Is this right??
IT department doesn’t care if you get books audited or not, they care if you are paying taxes or not. Also, IT department doesn’t have a guideline on how to calculate turnover.

So,in this example of mine-
I bought 2 lots Banknifty 19000PE @ 110
and sold 2 lots @ 135

If I only take the P&L side, so only Rs 2000 is my turnover,yeh bhi chal jaayega.

 

[travi]

Pls confirm,Is this right??
IT department doesn’t care if you get books audited or not, they care if you are paying taxes or not. Also, IT department doesn’t have a guideline on how to calculate turnover.

So,in this example of mine-
I bought 2 lots Banknifty 19000PE @ 110
and sold 2 lots @ 135

If I only take the P&L side, so only Rs 2000 is my turnover,yeh bhi chal jaayega.

I told you how its done, but IT dept mein kya chal jayega I don't know
You will need to consult CA.

 

[TraderEFO]

I have losses of about 4 lakhs for the current financial year, only intraday trades in equity and fno. and i have no other income or salary. turnover has not crossed 1 cr.

i will be paper trading for the rest and start afresh from next fin year.

Do i need to file IT returns ?

 

[TraderEFO]

I have losses of about 4 lakhs for the current financial year, only intraday trades in equity and fno. and i have no other income or salary. turnover has not crossed 1 cr.

i will be paper trading for the rest and start afresh from next fin year.

Do i need to file IT returns ?

Is it any fault if i dont file return ?

pls reply

 

[travi]

I have losses of about 4 lakhs for the current financial year, only intraday trades in equity and fno. and i have no other income or salary. turnover has not crossed 1 cr.

i will be paper trading for the rest and start afresh from next fin year.

Do i need to file IT returns ?

Income below Inr. 2.5L for current FY need not audit but if you intend to carry forward your losses to next FY and get relief you should consult CA.

 

[Kabira 21]

As per new tax slab,how much will be tax if income is 6 Lakhs?
6 Lakhs-80C-2.5 Lakhs rebate=2 Lakhs
how much will be tax on this 2 Lakhs amount?

5% on 2 lakhs+education cess=10300rs,barabar bhai log?

 

[canikhil]

Is it any fault if i dont file return ?

pls reply

I would strongly suggest that you file the return in time and claim carry forward of losses.